Horse-mad Velvet Brown (Elizabeth Taylor) wins a spirited gelding, Pie (short for Pirate), in a raffle and trains him for the Grand National steeplechase aided by her father's (Donald Crisp) hired hand: a young drifter, Mi Taylor (Mickey Rooney). Mi is a former jockey with a tragic secret in his past and he’s not too fond of horses. But he’s drawn in by Velvet’s enthusiasm and confidence in The Pie.

National Velvet was a hit with the public and made MGM a tidy profit. Nominated for 5 Academy Awards, it won two, for Best Supporting Actress (Anne Revere) and Best Film Editing. During their careers, all five of the principal cast members would be awarded an Oscar, either for a specific role or for overall achievement.